From Briefing.com: 4:30 pm : 4:18PM AXT misses by $0.04, beats on revs; guides Q2 EPS below consensus, revs in-line (AXTI) 5.05 +0.01 : Reports Q1 (Mar) earnings of $0.05 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.09; revenues fell 4.3% year/year to $23.5 mln vs the $22.64 mln consensus. Co issues guidance for Q2, sees EPS of $0.04-0.06 vs. $0.10 Capital IQ Consensus Estimate; sees Q2 revs of $23-25 mln vs. $24.52 mln Capital IQ Consensus Estimate.
4:15PM Atmel beats by $0.01, beats on revs (ATML) 8.99 +0.14 : Reports Q1 (Mar) earnings of $0.08 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues fell 22.5% year/year to $357.8 mln vs the $351.95 mln consensus. "As we predicted, our business bottomed during the first quarter, and we are well positioned to capitalize on the improving industry environment," said Steve Laub, Atmel's President and Chief Executive Officer. "The introduction of our new AVR, ARM Cortex, maXTouch S and XSense products set a strong foundation for sequential growth throughout 2012 and beyond."
4:12PM Novatel Wireless misses by $0.06, beats on revs; guides Q2 EPS below consensus, revs below consensus (NVTL) 2.81 -0.11 : Reports Q1 (Mar) loss of $0.14 per share, excluding non-recurring items, $0.06 worse than the Capital IQ Consensus Estimate of ($0.08); revenues rose 62.1% year/year to $100.2 mln vs the $92.55 mln consensus. Co issues downside guidance for Q2, sees EPS of ($0.17)-($0.07) vs. $0.05 Capital IQ Consensus Estimate; sees Q2 revs of $92-104 mln vs. $115.84 mln Capital IQ Consensus Estimate.
4:10PM JDS Uniphase reports EPS in-line, misses on revs; guides Q4 revs below consensus (JDSU) 12.04 -0.24 : Reports Q3 (Mar) earnings of $0.11 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.11; revenues fell 9.9% year/year to $409.2 mln vs the $420.28 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $415-435 mln vs. $458.08 mln Capital IQ Consensus Estimate.
4:09PM ON Semiconductor beats by $0.03, reports revs in-line; guides Q2 revs in-line (ONNN) 8.31 +0.00 : Reports Q1 (Mar) earnings of $0.12 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.09; revenues fell 14.5% year/year to $744.4 mln vs the $742.89 mln consensus. Gross margin was 32.9%. Co issues in-line guidance for Q2, sees Q2 revs of $745-785 mln vs. $783.97 mln Capital IQ Consensus Estimate. Co states, "Backlog levels for 2Q12 represent approximately 80 to 85% of our anticipated second quarter 2012 revenues. We expect that average selling prices for the second quarter of 2012 will be down approximately one to two percent when compared to the first quarter of 2012. The non-GAAP outlook for the second quarter of 2012 includes stock-based compensation expense of approximately $8 to $10 million."
4:01PM Atmel announces $200 mln addition to stock repurchase program (ATML) 8.99 +0.14 :
Disappointing jobs data played a part in sending the major equity averages to sizable losses in early trade, but stocks were able to improve their position, resulting in a relatively mixed finish.
Early participants were generally uninspired by the latest round of earnings reports, which featured upside surprises from MasterCard (MA 451.58, -4.32), Broadcom (BRCM 36.89, +0.18), CVS Caremark (CVS 45.92, +1.21), and Time Warner (TWX 37.29, -0.63). Their reports were partly overshadowed by another disappointing Manufacturing PMI reading from the eurozone.
Sentiment ahead of the open soured further when it was learned that the latest ADP Employment Report suggested that nonfarm private payrolls increased by only 119,000 during April, despite expectations for an increase of 170,000. The report is often regarded as a harbinger for the government's official monthly payrolls report, the latest of which will be released this Friday.
Energy and Financial stocks were leaders in the prior session, but they lagged this session. Persistent weakness in the pair hampered the broad market's effort to trade higher. Energy settled with a 1.6% loss; Chesapeake Energy (CHK 16.74, -2.86) was especially weak in the wake of a displeasing quarterly report that included relatively light revenue and earnings. Financials, which fell 1.0% as a group, were weighed down by diversified financial services stocks and investment banking and brokerage shares.
The Consumer Discretionary sector put together a 0.5% gain in the face of broad market weakness, but its lack of weight limited its ability to offer any real leadership. Teen apparel retailers were especially strong after American Eagle (AEO 20.90, +3.01) raised its earnings forecast; the ensuing surge in shares of AEO took its stock price to its best level in about four years.
Although stocks were able to fight through some selling, commodities were clipped for sizable losses. As a result, the CRB Commodity Index suffered a 1.3% loss, which snapped a six-session streak of gains. The CRB hasn't had such a weak performance in three weeks. A stronger dollar certainly didn't help the case for commodities; the greenback gained 0.4% against a basket of major foreign currencies, but most of that move came because the euro was weakened in the wake of disappointing eurozone data.
Advancing Sectors: Consumer Discretionary +0.5%, Consumer Staples +0.3%, Industrials +0.1%, Tech +0.1%
Unchanged: Telecom
Declining Sectors: Health Care -0.1%, Utilities -0.6%, Materials -0.6%, Financials -1.0%, Energy -1.6%DJ30 -10.75 NASDAQ +9.41 NQ100 +0.3% R2K +0.3% SP400 +0.2% SP500 -3.51 NASDAQ Adv/Vol/Dec 1367/1.83 bln/1157 NYSE Adv/Vol/Dec 1304/779 mln/1683
Broadcom (BRCM $36.37 -0.33) reported first quarter earnings of $0.65 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $0.55, while revenues rose 0.6% year/year to $1.83 billion versus the $1.78 billion consensus.
09:35 am Broadcom shares fall just under 1% despite beat on earnings
Broadcom (BRCM $38.26 -0.44) reported first quarter earnings of $0.65 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $0.55, while revenues rose 0.6% year/year to $1.83 billion versus the $1.78 billion consensus. |
